If you’ve been hanging out on FB or X, you’ve heard this echo:
– “I’ve been seeing a lot of evidence that more disasters are on the horizon.”
– “They’re going to lower rates, and many people will go out of business.”
– “Is everyone ready for them to admit we’ve been in a recession for 12 months, and haven’t told anyone?”
– “Whenever someone builds the world’s tallest building, the market crashes… And Saudi Arabia is now building the Jeddah Tower, a full kilometer building.”
– “The stock market is crashing, recession is coming, and groceries are up 150%.”
And then there are the facts:
* In China, the housing market has slumped for 3-years (-ing).
* In the US, living costs are soaring to heaven when inflation peaked at 9.1% in June 2022.
* In Taiwan, the stock market suffered its worst losses in 57 years (early Aug).
These are the signs that something big… and BAD is coming.
As a business owner, you are at the forefront of any economic changes.
So, you can either blame the government…
…or you can get prepared.
1) The ad cost will continue to rise. Build a system that increases your customer lifetime value, giving you more leverage.
2) The SM algorithm will become even more unpredictable. Stop relying solely on Facebook to generate new sales.
3) There will be fewer repeat orders. So, you must focus on building and nurturing relationships for the long game.
4) The Average Order Value will drop. How can you maximize the long-tail conversion? (hint: frequency + entertainment)
5) There will be more competitors. People who lose their jobs will turn to entrepreneurship as the “easy alternative.” (It is not.) This means more cheap knockoffs.
6) You’ll experience higher returns/chargeback. Discover a way to create better customers (hint: Welcome Flow).
7) Everything will get more expensive. How can you raise your price without hurting your customer base? Ans: becoming a market of one.
Want help?
Cheering for you,
Wuyen